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Mar 31, 2020
Onity Q1 2020 Earnings Report
Reported a net loss of $25.5 million, or $0.19 per share, for the three months ended March 31, 2020
Key Takeaways
Ocwen Financial Corporation reported a net loss of $25.5 million, or $0.19 per share, for the first quarter of 2020, compared to a net loss of $44.5 million, or $0.33 per share, for the same period in 2019. The company highlighted its progress on growth strategy and business improvement plans, while also addressing the challenges posed by the COVID-19 pandemic and supporting borrowers with forbearance relief.
Net loss for Q1 2020 was $25.5 million, or $0.19 per share.
Pre-tax loss for Q1 2020 was $87.3 million.
Company recorded an income tax benefit of $61.9 million primarily due to the CARES Act.
Ocwen expects to originate approximately $25 billion in new servicing additions with a target 50/50 mix of owned servicing and sub servicing.
Forward Guidance
Due to the uncertainties of operating in the current environment, Ocwen is not providing near term earnings guidance.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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